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EPF to touch the trillion mark

The Employees' Provident Fund (EPF) deposit base will reach the Rs trillion mark by the end of the year, Central Bank Governor Ajith Nivard Cabraal said.

He said while other funds are aiming at billions, the EPF will target the Rs trillion mark.


Ajith Nivard Cabraal

He emphasized that EPF has people's money and it is managed by the Monetary Board. It has a proud history of over 53 years and is one of the best managed funds in the country.

The Governor also reaffirmed that the fund is very firm and do not have any corruption related issues.

He said there were several suggestions that the EPF fund management should be handed over to a foreign company or given out to international agencies. "However, we never want to do this as it is functioning smoothly," he said.

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